Florida’s existing home and condo sales up in September

ORLANDO, Fla. – Oct. 20, 2011 – Florida’s existing home and existing condo sales continued their upswing in September, according to the latest housing data released by Florida Realtors®. Existing home sales increased 10 percent last month with a total of 15,036 homes sold statewide compared to 13,723 homes sold in September 2010, according to Florida Realtors.

“One of the most overlooked statistical trends in all of real estate is the growth in home sales, both single-family and condo, in the state of Florida,” said Florida Realtors Chief Economist Dr. John Tuccillo. “We’ve seen an upward trend in sales since January 2011, and September’s sales were a full 10 percent above September 2010. Even prices, which have been static over the past few months, are well above where they were in January 2011.

“One of the reasons for this is stabilization in the distressed property market. This is not a problem that’s going away, but there’s a degree of certainty that is helping the market.”

The statewide median sales price for existing homes last month was $133,900; a year ago, it was $135,000 for only a 1 percent decrease.

The national median sales price for existing single-family homes in August 2011 was $168,400, down 5.4 percent from a year ago, according to NAR.

“Historically low mortgage rates and stabilizing home prices all across Florida’s local housing markets continue to attract potential buyers – housing affordability conditions are very favorable right now,” said 2011 Florida Realtors President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner Sands Country Club in Stuart. “However, financially qualified buyers are still being denied home loans because of overly restrictive lending requirements, and that’s a significant obstacle to the housing recovery.”

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.11 percent in September, down from the 4.35 percent average during the same month a year earlier. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

© 2011 Florida Realtors®

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October Housing Scorecard: Positive Trends but Mixed Overall

October Housing Scorecard: Positive Trends but Mixed Overall
Posted By susanne On November 5, 2011 @ 12:01 am In Consumer News and Advice,Real Estate Trends,Today’s Marketplace,Today’s Top Story –

[1]The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury recently released the October edition of the Obama Administration’s Housing Scorecard—a comprehensive report on the nation’s housing market. The latest housing data offer continued mixed signals as new home sales rose compared to August, but were still slightly down from the prior year. Mortgage defaults and foreclosure sales continued a downward trend as more homeowners were able to secure mortgage relief. However, foreclosure completions ticked slightly upward in September after months of decline.

The October Housing Scorecard features key data on the health of the housing market and the impact of the Administration’s foreclosure prevention programs, including:

• The Administration’s recovery efforts continue to help millions of families deal with the worst economic crisis since the Great Depression. More than 5.3 million modification arrangements were started between April 2009 and the end of September 2011 – including more than 1.7 million HAMP trial modification starts, more than 1,064,000 FHA loss mitigation and early delinquency interventions, and more than 2.5 million proprietary modifications under HOPE Now. Many of these modifications are a direct result of the standards and processes the Administration’s programs have established. While some homeowners may have received help from more than one program, the total number of agreements offered continues to more than double the number of foreclosure completions for the same period (2.3 million). More than 850,000 homeowners have received a HAMP permanent modification to date, with a median payment reduction of over $520 each month.
The full report is available online at www.hud.gov/scorecard [2].

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Cash For Keys on Short Sales|Incentives Grow To Get Struggling Homebuyers Moving

Considering a short sale on your home? Please read the following and be informed about what might be available to you as a distressed homeowner:

Distressed properties are accounting for 30 percent of existing home sales. Banks are looking at offering more incentives to short sales since their losses tend to be far less than a foreclosure. For example, foreclosure properties tend to sell for 40 percent below non-comparable non-distressed properties while short sales tend to sell for 20 percent less.

In the “Cash for Keys” program, homeowners who are facing foreclosure are typically offered $500 to $2,500 if they agree to move out within 30 days (and leave the place clean, too). The program frees
homeowners from their obligations while getting a little extra money for moving expenses and avoiding a ruined credit profile from a foreclosure.
The “Cash for Keys” program is expected to become more mainstream for handling short sales too, not just foreclosures.
Source: “Real Estate Agents Learning Fine Art of ‘Cash for Keys,’” MSNBC.com (Oct. 21, 2011)

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